When the time comes to start thinking about the future of your assets, you start facing questions about how you can legally transfer them to heirs after your passing. It’s possible to get help from an estate attorney in Chicago, and get answers for those questions. A lawyer helps you create a strategy to make sure your items are passed on to those you designate, whether it be in a will or a trust of some type.
In the event that what you own can be easily passed to your designated heirs, making a will makes the most sense. A will handles the transfer of your property to the individual you name in the document. The item can be anything you decide, ranging from an heirloom all the way to a home or a large sum of money. An Estate Attorney in Chicago helps you create the will, writing it so that it is not easy for someone to challenge it in court. The idea of the will is to ensure that your wishes are respected after your passing, and a lawyer can use legally binding language that makes sure that this is the case.
If you feel that there are those who would challenge your decision, or that you want to make sure that there are funds available for someone when they reach a majority, you can set up a trust. If you prefer to retain control of the assets while you are still alive, a revocable trust is the best option. You can access the assets in the trust, and use them as needed. The remainder goes to your heir after your pass, and is given when you specify. In the event you have assets, such as stocks, that you don’t need to access, you have the option of creating an irrevocable trust. This type of trusts keeps the assets in the control of a trustee who then gives them to your heir at the age you specified when you created the trust.
For more information about available options for estate planning, contact the law office of Starr, Bejgiert, Zink & Rowells to set up a consultation.
